Product

Compliance Data Center (CDC)

Facilitate timely compliance with regulations including US PATRIOT Act requirements

Product Overview

Complying with regulations, including the USA Patriot Act and the Bank Secrecy Act, is a resource-intensive task that requires time, money and manpower. Compliance Data Center (CDC) Account Monitoring eases the stress of complying with these regulations by leveraging automated account monitoring.

Facilitate timely compliance with regulations

Avoid costly fines and penalties

Obtain necessary documentation and audit trails

Reduce financial risk, exposure and costs

Automate and streamline compliance efforts

Maintain your institution's reputation and integrity

Improve productivity and allocate resources more efficiently

Eliminate lengthy, manual searches of multiple databases

Efficiently facilitate due diligence efforts through compliance

Our solution works: One large regional bank realized over $200K in annual savings and 100 percent ROI by outsourcing DDA monitoring to CDC.

How it works

The solution seamlessly integrates into your business with no need for additional technology resources. Plus, the system's flexible architecture allows you to customize your services, and our sophisticated search and matching logic minimizes unwanted false positives.

CDC — a wholly owned subsidiary of Equifax — has been serving the financial services and securities industries for more than 40 years. CDC maintains a comprehensive database which includes multiple sources of information, such as various government and agency lists worldwide, as well as global media reports of white-collar criminal activity and terrorist-related activities. CDC actively manages financial default information gathered from and extensively used throughout the investment industry.

CDC offers the following data selections

Office of Foreign Assets Control (OFAC) -- Up-to-date information by monitoring all U.S. Treasury Sanction lists, providing you with the necessary due diligence to facilitate compliance with all U.S. Treasury requirements. CDC monitors names contained on the U.S. Treasury's specially designated nationals (SDN) list and on other U.S. Treasury Sanctions lists, including the Palestinian Legislative Council list.

Office of the Superintendent of Financial Institutions (OSFI) -- OSFI is an agency that supervises Canadian financial institutions and foreign branches operating in Canada and provides these institutions with a list of persons and entities they must monitor against their customers.

Politically Exposed Persons (PEPs) -- Our PEPs solution utilizes data obtained through a partnership with Dow Jones. This data can unravel webs of personal and political connections, providing detailed information on PEPs, their `relatives, and close associates from a continually updated database of more than 500,000 individuals covering every country in the world.

CDC Member Data -- Our member firms contribute their negative brokerage experiences to CDC, which are loaded into a unique database providing default data to assist in risk assessment. The database includes persons or entities who have failed to meet financial obligations, including, but not limited to, insufficient fund transactions and reneges on trades. The data also includes potentially fraudulent activity including stolen or forged certificates, counterfeited or altered checks, Automated Clearing House (ACH) fraud, and Electronic Funds Transfer (EFT) fraud.

Published Data -- CDC aggregates and leverages thousands of data sources. Published data includes OFAC, OSFI, U.S. Government lists, global lists, U.S. and foreign regulatory authorities, money service businesses and global media.